Bank of Africa closed out 2024 on a strong note, reporting solid growth across its operations and key financial indicators. The bank’s consolidated net banking income reached 18.6 billion dirhams, marking a 9.6% increase from the previous year. Meanwhile, its standalone net banking income rose by 16% to 8.3 billion dirhams. This performance reflects a positive trajectory across all revenue streams, underscoring the strength of the bank’s business model and its ability to seize new market opportunities.
The bank also saw a significant uptick in customer deposits, which grew by 7.6% in Morocco, reaching 162 billion dirhams, and by 8.2% at the consolidated level, totaling 256.4 billion dirhams. At the same time, loans to customers increased by 10% across the group and by 6.6% for the bank’s Moroccan operations. Excluding asset disposals, loans rose by 2.1% to 205.8 billion dirhams on a consolidated basis and by 3% to 127 billion dirhams in standalone terms.
Bank of Africa’s strong financial performance earned it several industry accolades. The bank was named “Morocco’s Bank of the Year 2024” by The Banker, a Financial Times Group publication—an honor it has now received ten times since 2000. This recognition highlights its financial strength, commercial success, and capacity for innovation.
Additionally, the bank was honored at the 2024 Global Frontier Brand Awards, winning “Excellence in Strategic Sustainability Leadership – Africa” and “Outstanding Sustainability Leader in Financial Services – Morocco.” These awards recognize its commitment to sustainable finance and its integration of environmental, social, and governance (ESG) principles into its strategy.
Further reinforcing its dedication to excellence, Bank of Africa Academy became the first Moroccan bank to earn ISO 21001 certification, affirming its commitment to skills development and educational excellence. Meanwhile, BMCE Capital Conseil received ISO 9001 Version 2015 certification from Bureau Veritas Maroc, reflecting its ongoing efforts to maintain high-quality standards and continuous improvement in its services.
